Has the U.S. Communications Industry valuation changed over the past few years?

Investors are optimistic on the American Communications industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 50.5x which is higher than its 3-year average PE of 34.1x. The 3-year average PS ratio of 4.9x is lower than the industry's current PS ratio of 8.9x.

Which industries have driven the changes within the U.S. Tech industry?

There are no additional sub-industries under this industry.

U.S. Communications Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 25 May 2026	US$1.0t	US$114.8b	US$20.1b	33.5x	50.5x	8.9x
Wed, 22 Apr 2026	US$904.2b	US$109.2b	US$18.4b	49.4x	49.2x	8.3x
Fri, 20 Mar 2026	US$765.3b	US$109.3b	US$18.4b	39.9x	41.6x	7x
Sun, 15 Feb 2026	US$737.5b	US$109.2b	US$18.2b	31.5x	40.6x	6.8x
Tue, 13 Jan 2026	US$651.1b	US$106.1b	US$16.7b	38.5x	38.9x	6.1x
Thu, 11 Dec 2025	US$702.5b	US$105.9b	US$16.6b	33.7x	42.3x	6.6x
Sat, 08 Nov 2025	US$649.7b	US$104.6b	US$16.2b	29.1x	40.1x	6.2x
Mon, 06 Oct 2025	US$648.4b	US$103.3b	US$16.0b	29.8x	40.5x	6.3x
Wed, 03 Sep 2025	US$623.2b	US$103.0b	US$16.2b	25.7x	38.4x	6x
Fri, 01 Aug 2025	US$582.1b	US$100.6b	US$14.1b	28.1x	41.4x	5.8x
Sun, 29 Jun 2025	US$560.0b	US$105.7b	US$14.3b	28.8x	39.1x	5.3x
Tue, 27 May 2025	US$522.0b	US$105.5b	US$14.3b	25.8x	36.6x	4.9x
Thu, 24 Apr 2025	US$450.6b	US$102.8b	US$12.4b	24.1x	36.2x	4.4x
Sat, 22 Mar 2025	US$495.8b	US$102.8b	US$12.4b	26x	39.8x	4.8x
Mon, 17 Feb 2025	US$557.4b	US$104.1b	US$12.1b	28.1x	46.2x	5.4x
Wed, 15 Jan 2025	US$548.5b	US$102.4b	US$11.9b	25.2x	45.9x	5.4x
Fri, 13 Dec 2024	US$534.7b	US$102.5b	US$12.1b	25.7x	44.1x	5.2x
Sun, 10 Nov 2024	US$523.8b	US$103.2b	US$13.0b	24.7x	40.2x	5.1x
Tue, 08 Oct 2024	US$482.8b	US$103.0b	US$12.0b	27x	40.3x	4.7x
Thu, 05 Sep 2024	US$444.4b	US$103.0b	US$12.0b	26.4x	37x	4.3x
Sat, 03 Aug 2024	US$417.4b	US$102.8b	US$13.8b	27.3x	30.2x	4.1x
Mon, 01 Jul 2024	US$350.7b	US$92.7b	US$12.6b	26.4x	27.8x	3.8x
Wed, 29 May 2024	US$332.1b	US$92.9b	US$12.7b	27.9x	26.2x	3.6x
Fri, 26 Apr 2024	US$384.1b	US$104.8b	US$16.3b	31.4x	23.6x	3.7x
Sun, 24 Mar 2024	US$408.3b	US$104.8b	US$16.3b	32.3x	25.1x	3.9x
Tue, 20 Feb 2024	US$386.0b	US$104.9b	US$16.5b	30.1x	23.4x	3.7x
Thu, 18 Jan 2024	US$335.9b	US$96.1b	US$15.1b	25.3x	22.2x	3.5x
Sat, 16 Dec 2023	US$327.1b	US$96.1b	US$15.1b	24.7x	21.7x	3.4x
Mon, 13 Nov 2023	US$323.3b	US$95.2b	US$13.9b	23.2x	23.3x	3.4x
Wed, 11 Oct 2023	US$326.9b	US$94.7b	US$14.6b	23x	22.3x	3.5x
Fri, 08 Sep 2023	US$344.9b	US$94.7b	US$14.6b	29.7x	23.6x	3.6x
Sun, 06 Aug 2023	US$323.7b	US$92.1b	US$13.6b	26.5x	23.8x	3.5x
Tue, 04 Jul 2023	US$317.9b	US$91.4b	US$13.5b	23.7x	23.5x	3.5x
Thu, 01 Jun 2023	US$310.2b	US$91.2b	US$13.5b	22.4x	23x	3.4x


US Market	1.11%
Tech	2.23%
Communications	3.12%
Communications Equipment	3.12%

Company	Last Price	7D	1Y	Valuation
ANET Arista Networks	US$154.03	8.7% +US$15.5b	68.9%	PE52.1x
CIEN Ciena	US$583.74	11.3% +US$8.4b	627.7%	PE360.4x
CSCO Cisco Systems	US$120.41	1.3% +US$5.0b	90.8%	PE39.7x
LITE Lumentum Holdings	US$946.90	7.0% +US$4.8b	1,149.7%	PE167.8x
FFIV F5	US$393.63	3.7% +US$783.7m	39.5%	PE31.4x

Announcement • May 23

Calix, Inc. Launches Secure Private Agents And Agentic Workflows On Calix One Platform

Calix, Inc. announced the launch of secure, private agents and agentic workflows at scale, with all 1,200+ customers live on the third-generation, AI-native Calix One platform, powered by Google Cloud. Delivered through Calix Agent Workforce Cloud, these capabilities span the full Calix portfolio, including Service Cloud, Engagement Cloud, and Operations Cloud—to optimize marketing, customer support, and network operations functions—and SmartLife across access and subscriber solutions. Service providers regardless of size can now deploy these capabilities as a unified platform or as individual components to scale their success. After 15 years and more than $2 billion in investment, Calix One is now processing over a petabyte of data daily and executing more than 4.3 billion workflows and operations annually—as the industry’s only AI-native platform. Unlike isolated AI agents, agentic workflows on Calix One orchestrate end-to-end execution using unified context, spanning network conditions, subscriber experience, service history, and operational state. This enables service providers to move from static, rules-based workflows to dynamic, context-rich, real-time workflows that adapt situationally and execute against unique goals to accelerate business outcomes. Calix One securely extends this foundation through model context protocol (MCP), integrating third-party data from business systems and ecosystem partners to further extend agentic workflows. Over time, Calix One will expand to deliver secure agent-to-agent (A2A) capabilities—enabling agents to securely determine the right action, sequence tasks intelligently, and carry execution with even greater precision and speed. The release of Calix agents and agentic workflows began on May 12 and will continue at a rapid pace. Key workflows include: Acquire subscribers: Agentic workflows dynamically coordinate targeting, engagement, conversion, and onboarding—enabling service providers to accelerate subscriber growth through differentiated, experience-led journeys across residential, business, and multi-dwelling unit (MDU) markets. Supporting agents include high-value prospect identification, personalized offers, collateral recommendations, campaign performance monitoring, and optimization recommendations. Grow revenue: By connecting diagnostics, subscriber context, and experience benchmarks, workflows identify unmet needs and execute next-best actions in real time, in one coordinated motion—turning service moments into revenue opportunities that increase average revenue per user (ARPU) and lifetime value. Supporting agents include segment recommendation and creator, collateral recommendation, and campaign performance monitoring. Reduce churn: Continuous analysis of network, service, and experience signals enables earlier issue detection and proactive intervention—improving quality of experience, increasing loyalty, and reducing churn before issues escalate. Supporting agents include churn prediction signal indicator, home network optimization, competitor offering, pricing and promo monitoring with recommended response, and high-risk customer offer campaigns creator. Lower network operating costs: Agentic workflows coordinate detection, impact analysis, prioritization, and remediation across domains—reducing time to resolution, preventing outages, and lowering operational costs through faster, more precise execution. Supporting agents include anomaly detection, home network fix, network health, diagnostics and optimization, and monitoring compliant with Broadband Equity, Access, and Deployment (BEAD). Reduce subscriber support costs: Automated diagnostics, guided troubleshooting, and personalized self-service streamline support operations—improving first-contact resolution, reducing repeat interactions, and lowering cost-to-serve at scale. Supporting agents include subscriber self-service and troubleshooting, anomaly detection, diagnostics, issue validation, and measurement. The agentic phase of the Calix platform builds on the first two generations of platform innovation, which have driven 15 years of customer success by helping service providers transform their operations and accelerate delivery of differentiated experiences—so they can compete and win in any market. Calix customers have long demonstrated industry-leading outcomes, including Net Promoter Scores? (NPS®) in the 70s, 80s, and even 90s, higher ARPU, and lower operating costs.

Announcement • May 22

Cirion Technologies Launches Network-As-A-Service Offering in Latin America

Cirion Technologies announced the launch of its Network-as-a-Service (NaaS) offering to transform enterprise connectivity across data centers, hybrid clouds, and artificial intelligence environments. In this initial phase, the solution will be available across a specific portion of Cirion’s network and its regional ecosystem of carrier-neutral data centers, supported by more than 105,000 kilometers of fiber optic infrastructure. The first phase of the deployment focuses on automated data center connectivity, enabling Cirion customers to order, configure, and activate high-capacity network services directly through the Cirion customer portal. The new capability streamlines the entire service lifecycle for enterprises—from order placement to provisioning—reducing delivery times from days or weeks to near real-time. The integration is seamless over customers’ existing network and security infrastructure, without the need to replace hardware or modify access or protection policies. In this early stage, NaaS is being deployed progressively across portions of Cirion’s network and data center ecosystem, enabling gradual adoption aligned with current security frameworks and facilitating uptake by IT teams. The solution incorporates self-service capabilities, operational visibility, and dynamic bandwidth management, bringing network connectivity closer to the flexible consumption model of the cloud. Powered by Ciena’s optical technology, coordinated through Carma’s network and digital infrastructure platform, and enabled through self-management via a web-based portal, Cirion delivers programmable optical connectivity with near real-time provisioning, monitoring, and service management. As part of the project, Carma developed and integrated API-based interfaces between Cirion’s digital service platform and Ciena’s Navigator Network Control Suite, enabling automated provisioning of wavelength services across Cirion’s extensive fiber and subsea footprint. Wavelength services are the first product enabled through the new NaaS framework, with additional transport and IP services scheduled to follow. The solution combines Ciena’s optical networking platforms (Waveserver, 6500 Reconfigurable Line System), routing and switching products (8110 and 8114 Coherent Aggregation Routers), and automation software (Navigator Network Control Suite) with an OSS/BSS layer that enables service orchestration, commercial management, billing, and a digital customer experience. This positions NaaS as an evolution from traditional connectivity toward a flexible, scalable consumption platform aligned with cloud, AI, and real-time enterprise operations. The integration allows Cirion to dynamically allocate optical resources, validate service feasibility, and activate customer circuits without manual intervention—a key requirement for hyperscalers, cloud providers, and enterprises seeking flexible, consumption-based connectivity models. The Latin American cloud market is expected to grow from USD 63 billion in 2025 to USD 125 billion in 2030, yet the connectivity linking enterprises to that cloud continues to operate under decades-old models—fixed circuits, changes that take weeks, and capacity that does not adapt dynamically to demand. NaaS closes this gap by applying to networks the same principles that made cloud successful: elasticity, automation, and pay-as-you-use. The urgency is driven by Agentic AI. This next generation of artificial intelligence operates through autonomous agents communicating across different data centers and cloud environments. An agent in Bogotá interacting with another in São Paulo requires a circuit that can be established instantly and released once the task is complete—something static networks cannot provide. Cirion’s NaaS, powered by Ciena, transforms the network into an intelligent platform capable of responding in real time. Cirion delivers an on-demand service built on its own infrastructure, with regional coverage, rapid activation, and end-to-end management, without the need to rely on third-party networks or manual processes for changes and upgrades. This includes performance monitoring, usage metrics, API-driven operations, and a more transparent experience for enterprise customers. Cirion will showcase this innovation at ITW 2026, demonstrating how enterprises can interact with its NaaS ecosystem and experience first-hand a new generation of on-demand enterprise connectivity for Latin America.

U.S. Communications Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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